Gold has been trading around $1,690 amid a worsening market mood. Can it extend its gains? XAU/USD faces robust resistance.
The Technical Confluences Indicator is facing initial resistance at $1,696, which is the convergence of the Fibonacci 23.6% one-week and the Simple Moving Average 50-4h.
Strong resistance awaits at $1,703, which is a dense cluster of lines including the previous monthly high, the SMA 100-1h, the Pivot Point one-month Resistance 1, and the Fibonacci 38.2% one-week.
Some support awaits at $1,691, which is the confluence of the SMA 5-15m, the Fibonacci 38.2% one-day, the SMA 10-1h, the Bollinger Band 1h-Middle, and more.
Further down, the next noteworthy cushion is at $1,680, where the previous weekly low and PP one-day S1 converge.


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